As part of President Obama's push for change in the way credit card companies do business, the first phase of the Credit Card Accountability.
From Chicago Tribune:
Starting Thursday, consumers will see the first phase of the Credit Card Accountability Responsibility and Disclosure Act of 2009. The bill's strongest measures take effect next year. The law is designed to protect cardholders from changing credit card terms and other practices. Experts from Credit.com, Credit Karma and the National Foundation for Credit Counseling provided a rundown of some key provisions of the law.
What's taking effect now
--Card issuers must provide a 45-day written notice before raising interest rates or making any substantial change to account terms. Cardholders can decline a rate increase by closing the account, and they must be allowed to pay off the balance under the prior terms within five years -- though the issuer can increase the minimum payment by as much as 100 percent.
